Basketball legend Shaquille O’Neal found himself at the center of two lawsuits related to the cryptocurrency and non-fungible token (NFT) space. The surprising twist occurred while O’Neal was broadcasting an NBA game at Miami’s FTX Arena, which added an ironic layer to the legal proceedings. The lawsuits involve different aspects of the crypto world, with one focusing on the promotion of the now-collapsed cryptocurrency exchange FTX and the other targeting O’Neal’s own NFT project, Astrals.
In the first lawsuit, several celebrities, including O’Neal, were named as defendants for their involvement in promoting FTX. Notable figures such as former NFL quarterback Tom Brady and TV star Larry David are also embroiled in this legal action. The lawsuit alleges that these celebrities endorsed FTX without disclosing the potential risks associated with the exchange, which eventually led to its downfall. O’Neal’s inclusion in this lawsuit suggests that he may have played a significant role in promoting FTX, although specific details are yet to be revealed.
The second lawsuit specifically targets O’Neal and his NFT project, Astrals, which was launched in March of the previous year. The lawsuit claims that the Astrals NFTs offered for sale were unregistered securities, and it further alleges that O’Neal made promises related to these tokens that he failed to fulfill. The legal action suggests that investors may have been misled by O’Neal’s statements and enticed to purchase Astrals NFTs based on these misrepresented claims.
The lawsuits against O’Neal are being led by two prominent law firms, namely The Moskowitz Law Firm and Boies Schiller Flexner LLP, who are collaborating on the legal proceedings. Earlier, there were accusations that O’Neal was evading process servers and obstructing court procedures, but attorney Adam Moskowitz confirmed that the legal actions can now move forward. Moskowitz’s law firm claimed to have successfully served O’Neal in relation to the FTX lawsuit, but O’Neal’s legal team responded with their own statements, contesting the allegations.
With these legal developments, the spotlight is now on Shaquille O’Neal as he navigates the complexities of the lawsuits surrounding his involvement in both the FTX cryptocurrency exchange and his Astrals NFT project. As the proceedings progress, more details are expected to emerge regarding the specific claims against O’Neal and the potential implications for the broader crypto and NFT industries.